Excluding this windfall tax from the current year and exit taxes associated with our European reorganization from the prior year,

excluding this windfall tax from the current year and exit taxes associated with our european reorganization from the prior year


Ultimately, I think in generics, time is money. We want to get these products out as quickly as possible, and we don't want to be

ultimately i think you know in generics time is money we want to get these products out as quickly as possible and we don't want to be


to allow these patients to lead as normal a life as possible or as independent a life as possible.


much more job security for the people working for us but also working in the postal market than we can today.

much more job security for the people working for us but also working in the postal market than we tend today


If the industry is in decline, what do you think has been driving that? And do you expect declines to continue, or is there something that will flip the industry back to

if the industry is in decline what do you think has been driving that and do you expect the decline to continue or is there something that will put the industry back to growth


increase potentially our revenue, but equally, be -- make us even more attractive to the supply chain for food safety adoption.

increase potentially our revenue but equally make us even more attractive to the supply chain for food safety adoption


this will be a business that over the next several years should demonstrate the earnings leverage and its potential in taking great care of its customers.

this will be a business that over the next several years should demonstrate the earnings leverage that's potential in taking great care of its customers


Several have tried to place products in other existing platforms, and we've never accepted because obviously everyone wants

several have tried to place products in other existing platforms and we've never accepted because obviously everyone wants


on the infrastructure side and we've also been quoting some mass transit work. But it just hasn't materialized like oil and gas and ag and mining that have come back nicely.

on the infrastructure side and we've also been quoting some mass transit work but it just hasn't materialized like oil and gas and ag and mining have come back nicely


To conclude my remarks, I would like to say that we are in a relatively good position, probably the best we've had in a decade,

to conclude my remarks i'd like to say that we are in a relatively good position probably the best we've had in a decade


Our premier tools, powered by mass cytometry and microfluidic technologies provide deep insights across a range of many diseases.

our premier tools powered by mass cytometry and microfluidic technologies provide deep insights across a range of many diseases


Also during this presentation, CapStar may make certain comments that constitute forward-looking statements within the meaning of the federal securities laws.

also during this presentation capstar may make certain comments that constitute forward-looking statements within the meaning of the federal securities laws


I don't think it's going to grow as fast as the Fiscal Board predicted obviously at the beginning of the term, because federal funds have come in much slower than expected.

i don't think it's going to grow as fast as the fiscal board predicted obviously at the beginning of the term because the federal funds have come in much slower than expected


And it's been very impressive to see its growth. It's a global company. It's not just a Spanish company. It has facilities on a global basis.

and it's been very impressive to see its growth it's a global company it's not just a spanish company it has facilities on a global basis


Our operations team did an excellent job delivering the significant increase in revenue, while keeping control over our fixed cost.

our operations team did an excellent job delivering this significant increase in revenue while keeping control over our fixed costs


highly variable seasonal swing for Robotics as we roll out of Q1 into the rest of the year. If Q1 is going to be

a highly variable seasonal swing for robotics as we roll out of q1 into the rest of the year if q1 is going to be


up and running. It didn't mean we couldn't do payments before. It just -- we couldn't do forwards and we're not doing forwards in the bank yet,

up and running it didn't mean we couldn't do payments before it just -- we couldn't do forwards and we're not doing forwards in the bank yet


sustainable high volume supply of finer mesh Northern White. The one thing we would say is, these other basins are getting busier

sustainable high volume supply of finer mesh northern white yes the one thing we would say is these other basins are getting busier


programs where we come in into projects as some sort of preferred player. So I don't think you'll see us

programs where we come in into projects as some sort of preferred player so i don't think you'll see us


While it's too soon for us to discuss the timing of sales or pricing for these properties, we believe there will be significant interest from a wide pool of potential buyers.

while it's too soon for us to discuss the timing of sales or pricing for these properties we believe there will be significant interest from a wide pool of potential buyers


But until then, we're maintaining our policy that we're better off with our competitors not knowing how much subsidies we're doing.

but until then we're maintaining our policy that we're better off with our competitors not knowing how much subsidies we're doing


The JCR acquisition now gives us a platform that combines our access to deal flow with sources of capital looking to invest

the jcr acquisition now gives us a platform that combines our access to deal flow with sources of capital looking to invest


Our company remarks on today's call include both our earnings results and guidance, which contains certain non-GAAP financial measures.

our company remarks on today's call include both our earnings results and guidance which contains certain non-gaap financial measures


But that hasn't really shown up yet. And so what you're seeing is kind of a continued extension of good solid execution the way things were

but that hasn't really shown up yet and so what you're seeing is kind of a continued extension of good solid execution the way things were


but we're working pretty darn hard and making some real progress. You mentioned the holistic approach towards serving the customer and giving them

but we're working pretty darn hard and making some real progress and you mentioned the holistic approach towards serving the customer giving them


We will weigh capital investment alternatives and adjust our capital trajectory as needed with the best interest of our shareholders in mind.

we will weigh capital investment alternatives and adjust our capital trajectory as needed with the best interest of our shareholders in mind


we purchased the bank in June of last year, so our 20% equity stake

we purchased the bank in june of last year so our 20% equity stake


And Gates is very well positioned in those applications where we have much more significant content

and gates is very well positioned in those applications where we have much more significant content


We are the premier and largest valve distributor, and this proves our commitment to not only maintain but extend this leadership position.

we are the premier and largest valve distributor and this proves our commitment to not only maintain but extend this leadership position


the second quarter, we'll get the full benefit of the lion's share of savings out of OIB in the third quarter.

the second quarter we'll get the full benefit of the lion's share of the savings out of oib in the third quarter


there have been a whole host of examples of exits that we've made from companies that, frankly, we weren't thrilled with performance in. So we talk about backing our incumbent winners a lot,

there have been a whole host of examples of exits that we've made from companies that frankly we weren't thrilled with performance in so we talk about backing our incumbent winners a lot


So can you just talk about where you were promotionally in the second quarter compared to the first quarter? And then, how do you think about that going forward?

can you just talk about where you were promotionally in the second quarter compared to the first quarter and then how do you think about that going forward


but that doesn't mean that we will not have this subject coming up in the next one. So as the evolution of the markets

but that doesn't mean that we will not have this subject coming up in the next one so as the evolution of the markets


early into this year. It's kind of broad-based. It makes us feel good that the processes are working and our market coverage model seems to be well received.

early into this year no it's kind of broad-based it makes us feel good that the processes are working and our market coverage model seems to be well received


So I think we gave you some statistics which are very generalized but basically kind of said, hey, of our proprietary brand portfolio,

so i think we gave you some statistics which are very generalized but basically kind of said hey of our proprietary brand portfolio


like returning patients back to work or the reduction of ICU and hospital length of stay that we've already seen in the NEWTON study.

like returning patients back to work or the reduction of icu and hospital length of stay that we've already seen in the new study


We do have schedules on hand, and we know what our shipping windows are and what our obligations are relative to their schedules.

we do have schedules on hand and we know what our shipping windows are and what our obligations are relative to their schedules


No, I think it was a good quarter in a number of levels. Volumes are holding up well. We are seeing strong demand on the refuse side.

no i think it was a good quarter in a number of levels volumes are holding up well we are seeing strong demand on the refuse side


Any sense when the majors might be ready to build new offshore rigs or getting any sense of what it looks like looking out to the future?

any sense when the majors might be ready to build new offshore rigs or getting any sense of what it looks like looking out to the future


we -- Oscar, we've actually been a little bit worried about the sustainability of these investment levels with the low

we -- oscar we've actually been a little bit worried about the sustainability of these investment levels with the low


We also will expand revenues for the Cargo and Mail business shown in green and the LCC business shown in orange.

we also will expand revenues for the cargo and mail business shown in green and the lcc business shown in orange


We're seeing an opportunity to bring our solutions from other parts of the world and to localize for the local taste

we're seeing an opportunity to bring our solutions from other parts of the world and to localize for local taste


The first area that I'd like to cover, revenue trends, have been mixed with both some positives and some soft spots during the past few months.

the first area that i'd like to cover revenue trends have been mixed with both some positives and some soft spots during the past few months


that we think are relevant to the market, main terms of our agreement with Renova. So first bucket, dividends.

that we think are relevant to the market's main terms of our agreement with renova so first bucket dividends


We continue to progress our high level of organic capital projects, and we believe these will provide increased profit growth in future years.

we continue to progress our high level of organic capital projects and we believe these will provide increased profit growth in future years


We have identified several step out opportunities, which will allow us to accelerate growth and profitability in the coming years.

we have identified several step-out opportunities which will allow us to accelerate growth and profitability in the coming years


And we think we can support our existing rates in a pretty straightforward way. So we don't anticipate meaningful, if any,

and we think we can support our existing rates in a pretty straightforward way and so we don't anticipate meaningful if any


More detailed information on our reserves and resources can be found in our AIF and reserves press release issued this morning.

more detailed information on our reserves and resources can be found in our aif and reserves press release issued this morning


After all, we're changing the way we operate and run the business. The early results from some of the first transformations have been very positive and encouraging.

after all we're changing the way we operate and run the business the early results from some of the first transformations have been very positive and encouraging


We're working hard to build something great for first responders, and early response from our sales activities has been very positive.

we're working hard to build something great for first responders and early response from our sales activities has been very positive


Over the next 5 years, we'll be putting Band 14 on tens of thousands of new and existing sites nationwide.

over the next 5 years we'll be putting van 14 on tens of thousands of new and existing sites nationwide


He's got the right experience. He's going to bring a ton of focus, as we've talked about, to take what we think is a very

he's got the right experience he's going to bring a ton of focus as we've talked about to take what we think is a very


That's settling down very well, but there is -- there's certainly another 6 months to a year of work to be done there I would say to get back to

that's settling down very well but there's certainly another 6 months to a year of work to be done there i would say to get back to


Our consultants determined the nature and extent of the breach while providing support for communications to regulators and law enforcement.

our consultants determine the nature and extent of the breach while providing support for communications to regulators and law enforcement


and that these additional statistics can better allow our investors to understand the value of the customer base as it continues to grow.


Tom, it's Rob. So Japan goes into the same basket that I -- when I commented on seeing strong cash flow and distributable cash flow

tom it's rob so japan goes into the same basket that i -- when i commented on seeing strong cash flow and distributable cash flow


obviously don't comment on transactions in the abstract. I will say that we have been

we obviously don't comment on transactions in the abstract i will say that we have been


which is not different than the market averages. But we have room to grow, and we'll not hesitate

which is not different than the market averages but we have room to grow and will not hesitate


This transaction is expected to close on or around February 28. But is subject to usual closing conditions.

this transaction is expected to close on or around february 28 but is subject to usual closing conditions


We estimate our full year tax rate, which reflects the impact of tax reform and stock compensation rules,

we estimate our full year tax rate which reflects the impact of tax reform and stock compensation rules


a focused sales and support channel that provides significant value to our customers and a strong network of integration partners.


On the education front, we continue to advance our robust public relations campaign to raise awareness around the need for opioid-sparing pain management strategies.

on the education front we continue to advance our robust public relations campaign to raise awareness around the need for opioid sparing pain management strategies


For the consumer, this includes One Touch payment, buyer protection and instant bank funding.

for the consumer this includes one-touch payment buyer protection and instant bank funding


We aspire to be the de facto operating system for mobile and digital commerce around the world,

we aspire to be the de facto operating system for mobile and digital commerce around the world


With IP launches occurring on a near-weekly basis, we are finding that Collectibles provides us a consistent revenue stream and traffic driver

with ip launches occurring on a near weekly basis we are finding that collectibles provides us a consistent revenue stream and traffic driver


see forward-looking statements included in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations,

see forward-looking statements included in item 2 management's discussion and analysis of financial condition and results of operations


We have built reserves. Now we have to assess when to say they are redundancy. And -- but we are in a very good position at this stage.

we have built reserves now we have to assess when to say they are redundancy and -- but we are in a very good position at this stage


These discussions have progressed to a point where we now better understand our cost responsibilities between parties and can more accurately estimate our costs.

these discussions have progressed to a point where we now better understand our cost responsibilities between parties and can more accurately estimate our costs


We continued to have strong relationships with key national billboard companies and expect demand to pick up again early next calendar year

we continue to have strong relationships with key national billboard companies and expect demand to pick up again early next calendar year


The savings span across most marketing activities, including media, experiential and right through to point of sale.

the savings span across most marketing activities including media experiential and right through to point of sale


But our ambition is not to create price wars, we don't follow price wars, and we certainly don't condone any price wars in the market.

that our ambition is not to create price wars we don't follow price wars and we certainly don't condone any price wars in the market


Finally, we are making progress in the expansion of our business as evidenced by our performance in Installation Services.

finally we are making progress in the expansion of our business as evidenced by our performance and installation services


administration services only or ASO contract with the state of New York at the beginning of the second quarter.

administration services only or aso contract with the state of new york at the beginning of the second quarter


between the last year and this year's performance on numbers of registered actives, it is actually stable now versus last year.

between the last year and this year's performance on numbers of register actives it is actually stable now versus last year


But globally, please note that those bolt-on acquisitions are very consistent with what we have been doing over the last few

but globally please note that those bolt-on acquisitions are very consistent with what we have been doing over the last few years


including installation costs due under the contract. We are still working on the detailed terms which we will share when finalized.

including installation costs due under the contract we are still working on the detailed terms which we will share when finalized


look to push down. So there's an element to that built in, Sunil, but I would say that whether it's that or whether it's putting gas in the trucks

look to push down so there's an element of that built in sunil but i would say that whether it's that or whether it's putting gas in the trucks


At the end of the second quarter, MDU filed with the North Dakota Public Service Commission an advance determination of prudence to purchase the expansion.

at the end of the second quarter mdu filed with the north dakota public service commission an advanced determination of prudence to purchase the expansion


I want to spend the rest of my remarks this afternoon updating you on our progress in preparing for the accelerated approval application.

i want to spend the rest of my remarks this afternoon updating you on our progress in preparing for the accelerated approval application


pretty much on track, and we've got -- we're going to be able to really toe the line on not being behind schedule, by the end of the year.

pretty much on track and we've got -- we're going to be able to really toe the line on not being behind schedule by the end of the year


We're very pleased with this revenue mix as it reflects the recurring nature of our revenue and provides added predictability to our results.

we are very pleased with this revenue mix as it reflects the recurring nature of our revenue and provides added predictability to our results


The most significant factors that could affect future results are outlined in Monro's filings with the SEC and in our earnings release.

the most significant factors that could affect future results are outlined in monroe's filings with the sec and in our earnings release


were unique that would have put a little bit of pressure on our margins. But I think, without -- absent the investment, I think

were unique that would have put a little bit of pressure on our margins but i think without -- absent the investment i think


Capital expenditures are tracking slightly higher versus planned as certain of the expenditures that were expected to occur pre spin

capital expenditures are tracking slightly higher versus plan as certain of the expenditures that were expected to occur pre-spin


But what we firmly believe is that in 2018, that we will see a modest price increase in the net basis.

but what we firmly believe is that in 2018 that we will see a modest price -- modest price increase on a net basis


looking to replace disappearing traditional phone lines with advanced wireless cellular communications technology.


At NAPCO, we take their feedback and market insight seriously. The good news is that based on our conversations,

at napco we take their feedback and market insight seriously the good news is that based on our conversations


any thoughts in terms of how much higher it could possibly go or at least stay at these elevated levels?


For our part, we will honor their service by keeping people first in everything we do. Thank you, and have a quality day.

for our part we will honor their service by keeping people first in everything we do thank you and have a quality day


the same effect as we have said over the last couple of quarters, scaling specific industry solutions.

the same effect as we have said over the last couple of quarters scaling specific industry solutions


We've signed a number of confidentiality agreements with quality costumers and are discussing material term contracts for our expansion volumes.

we've signed a number of confidentiality agreements with quality customers and are discussing material term contracts for expansion volumes


and we do understand the government's desire to reduce energy prices overall. But this has resulted in numerous regulatory reform interventions

and we do understand the government's desire to reduce energy prices overall but this has resulted in numerous regulatory reform interventions


With that said, we're also getting pricing, fairly significant pricing as a consequence of the devaluation that have occurred down there from a currency standpoint.

with that said we're also getting pricing fairly significant pricing as a consequence of the devaluations that have occurred down there from a currency standpoint


and, importantly, they want to do more with us. Rarely in my business career have I seen such an enthusiastic customer base.

and importantly they want to do more with us rarely in my business career have i seen such an enthusiastic customer base


and EBIT for Q4 results and recognize that these results are an accumulation on many individuals' efforts and focus.

and ebit for q4 results and recognize that these results are an accumulation on many individuals' efforts and focus


Are there capabilities now that you didn't have before that you have now? Is it there's more clarity on productivity efforts that enable the investment at this point?

are there capabilities now that you didn't have before that you have now is it -- there's more clarity on productivity efforts that enable the investment at this point


back growing again in -- more significantly is a critical piece of our overall performance. But our Power Brands will continue to be

back growing again in -- more significantly is a critical piece of our overall performance but our power brands will continue to be


and the distribution improvements, which we fully believe will get approved by the New York Commission, but they haven't been yet so we're putting that in the highly likely category.

and the distribution improvements which we fully believe will get approved by the new york commission but they haven't been yet so we're putting that in the highly likely category


We should remember when we look at the operating income, yes, it is weaker than last year. Part of the

we should remember when we look at the operating income yes it is weaker than last year part of the


Or a mix of both? And then, if you had any initial takeaways from the early openings of the ThinkGeek stores.

or a mix of both and then if you had any initial takeaways from the early openings of the thinkgeek stores


sales tender process, where a greater number of exceptional stones will be sold as part of our regular sales tender.

sales tender process where a greater number of exceptional stones will be sold as part of our regular sales tender


buying to this low single plan and then you're chasing? Are you, as a retailer, sort of taking the same point of view as

buying to this low single plan and then you're chasing are you as a retailer sort of taking the same point of view as


It is definitely in an early stage, but highly interesting from the technology and very complementary to Advanced Technologies.

it is definitely in an early stage but highly interesting from the technology and very complementary to advanced technologies


So between the volume of pricing and the fact that the usual kind of assumptions haven't yet played out,

so between the volume of pricing and the fact that the usual kind of assumptions haven't yet played out


and remain a proprietary important branded product of United Therapeutics. First and foremost,

and remain a proprietary important branded product of united therapeutics first and foremost


We will aggressively go after new private networks deals, where our technology and services are highly differentiated.

we will aggressively go after new private networks deals where our technology and services are highly differentiated


would you consider moving that to RIDEA structure? Should we expect maybe for you to do more RIDEA or some other kind of operating joint

would you consider moving that to ritea structure should we expect maybe for you to do more ritea or some other kind of operating joint


We've been looking for the right expansion opportunity for quite a while and we were excited to find an excellent partner in TAC,

we've been looking for the right expansion opportunity for quite a while and we were excited to find an excellent partner in tac


flexibility and the ability to sort of redeploy that -- any capital we currently have. And that's effectively what our strategy is.

flexibility and the ability to sort of redeploy that any capital we currently have and that's effectively what our strategy is


So what would you be looking for to move back into some of those opportunities you shared that Dynex needs to be in some of those deeper credit

so what would you be looking for to move back into some of those opportunities you shared that dynex used to be in some of those deeper credit


We continue to successfully execute our strategy to increase market share by focusing on targeted customers across all business lines,

we continue to successfully execute our strategy to increase market share by focusing on targeted customers across all business lines


With the recent deepening of our advisory business, we expect to add significantly more value for our care delivery customers.

with the recent deepening of our advisory business we expect to add significantly more value for our care delivery customers


So it's kind of the confluence of both of those that we think is going to lead to or is leading to more folks thinking about selling.

so it's kind of the confluence of both of those that we think is going to lead to -- or is leading to more folks thinking about selling


Our purpose, vision and values together guide the organization, why we exist and what we stand for. This clarity is vital as we look to the future.

our purpose vision of valleys together guide the organization why we exist and what we stand for this clarity is vital as we look to the future


to the total number including redevelopment. That's what you've always seen the more detailed same-property disclosure from us in the supplemental around

to the total number including redevelopment that's what you've always seen the more detailed same property disclosure from us in the supplemental around


As I wrap up, let me say that we remain committed to maintaining a strong balance sheet while also executing the capital strategy Glenn described earlier.

as i wrap up let me say that we remain committed to maintaining a strong balance sheet while also executing the capital strategy glen described earlier


like to go back to the blade server and the opportunities there. And you mentioned that possibly some sites outside Alaska

like to go back to the blade server and the opportunities there and you mentioned that possibly some sites outside alaska


in implementing a lot of the same best practice and also excited by seeing that our wholesaling -- wholesale partners


business revenues grew mid single digits in the fourth quarter, and we plan to maintain the price increases that we've implemented

business revenues grew mid-single digits in the fourth quarter and we plan to maintain the price increases that we've implemented


Moving now to strategic initiatives. Last quarter, we announced that we are implementing a comprehensive corporate and operating cost reduction program.

moving now to strategic initiatives last quarter we announced that we are implementing a comprehensive corporate and operating cost reduction program


Additionally, the fourth quarter saw significantly more new Android users as a percentage of net additional users than any other quarter in our history.

additionally the fourth quarter saw significantly more new android users as a percentage of net additional users than any other quarter in our history


and if any color on how much of that is leveraged versus some of the maybe more discreet items that you're doing to improve margins overall.

and if any color on how much of that is leverage versus some of the maybe more discrete items that you're doing to improve margins overall


As you might infer from our guidance, we expect some drag next year from lower workers' compensation and SUI rates,

as you might infer from our guidance we expect some drag next year from lower workers' compensation and sui rates


effectively, permits you to be a much long -- bigger brand, whether it's 8 feet over time or even greater. Is that how we should think about it as incremental space and just better

effectively it permits you to be a much longer or bigger brand so whether it's 8 feet over time or even greater is that how we should think about it as incremental space and just better


In addition, the production contribution from TauTona has been excluded due to the orderly closure of the mine.

in addition the production contribution from titona has been excluded due to the orderly closure of the mine


But we did do a deep dive into the condition of the equipment and the infrastructure that we need. We

but we did do a deep dive into the condition of the equipment and infrastructure that we need we


but it was exactly what we needed to do in order to generate growth through increasing service to our customers, and it's now paying off.

but it was exactly what we needed to do in order to generate growth through increasing service to our customers and it's now paying off


do you do any preparation in terms of purchasing or not, or do you just wait and see what happens with the announcement.

do you do any preparation in terms of purchasing or not or do you just wait and see what happens with the announcement


and potentially valuable over the longer term because of unique packaging or the resulting long-term rarity.


vehicle dealerships, we have 2 products. One was already operating in the cloud and the other one was not running in the cloud.

vehicle dealerships we have 2 products one was already operating in the cloud and the other one was not running in the cloud


that I think are all actionable. There is also an opportunity in addition to the cost that we had last quarter.

that i think are all actionable there's also an opportunity in addition to the costs that we had last quarter


and still represent record levels. Moving to our land and inventory management on Page 11. Another factor

and still represent record levels moving to our land and inventory management on page 11 another factor


from our perspective, the demand is equivalent to what we are holding ourselves accountable to do.

from our perspective the demand is equivalent to what we are holding ourselves accountable to do


Also contributing to the decline in net investment income was an unusually high level of income from called securities in the prior year period,

also contributing to the decline in net investment income was an unusually high level of income from call securities in the prior year period


the customer demand came in strongly. And with some of the steps that we've taken over the past couple of years

the customer demand came in strongly and with some of the steps that we've taken over the past couple of years


the local financials for in pesos and the translation so there is a disconnect between the exchange rate movements

the local financials for -- in pesos and the translation so there is a disconnect between the exchange rate movements


confirmation regarding how much of the secured facilities can be used as cash and how much for letter of credit.


We've now received the volume production orders. If you remember, I was talking about they had to go through a sequence of preproduction builds. And so

we've now received the volume production orders if you remember i was talking about they had to go through a sequence of pre-production builds and so


the increase in sales volume directly led to the increase of gross profit and increase in operating profit.


are you seeing any change in the value of those larger projects that are already in existence? Or they just remain at very high multiples?

are you seeing any change in the value of those larger projects that are already in existence or they just remain at the very high multiples


we're really encouraged by the fact that it was only a little bit down versus what we expected because of some growth that we're seeing in one of our end markets up in Canada.

we're really encouraged by the fact that it was only a little bit down versus what we expected because of some growth that we're seeing in one of our end markets up in canada


So I understand you might not be able to get into the details of the negotiations and so forth, I fully understand that.

so i understand you might not be able to get into the details of the negotiations and so forth i fully understand that


we're going to be operating the pharmacy with the focus on the customer and their healthcare needs with an improved level of sophistication

we are going to be operating the pharmacy with a focus on the customer and their health care needs with an improved level of sophistication


on a worldwide basis to help us reach, on a frequent basis, the markets that we need to reach

on a worldwide basis to help us reach on a frequent basis the markets that we need to reach


and which is a pressure on net interest margins is the whole LCR regime or the liquidity coverage ratio regime.

and which is a pressure on net interest margins is the whole lcr regime or the liquidity coverage ratio regime


that are produced locally and sustainably. And we're also focused on meeting consumer demand for convenience and speed of service.

that are produced locally and sustainably and we're also focused on meeting consumer demand for convenience and speed of service


process, which is going to be a great strategic advantage for us to now use these direct contracts

process which is going to be a great strategic advantage for us to now use these direct contracts


We're confident on the positive impact this will have on our customer traffic as they become increasingly familiar with Circle K's added value to their shopping experience

we're confident on the positive impact this will have on customer traffic as they become increasingly familiar with circle k's added value to their shopping experience


with that of other health plans that primarily serve Medicaid members as opposed to those that primarily serve commercial members.

with that of other health plans that primarily serve medicaid members as opposed to those that primarily serve commercial members


As the American saying goes, put your money where your mouth is, and I think this is increasingly what we need to do

as the american saying goes put your money where your mouth is and i think this is increasingly what we need to do


capital into that market. The other thing to remember is we haven't had a big storm in quite a while, and that's not going to continue.

capital into that market the other thing to remember is we haven't had a big storm in quite a while and that's not going to continue


that. That is our argument as well. That there is no -- there may not be any bias,

that is our argument as well that there is no -- they may not be any bias


We continue to focus on finding additional opportunities to grow beyond the current plan for the benefit of our customers and our shareholders.

we continue to focus on finding additional opportunities to grow beyond the current plan for the benefit of our customers and our shareholders


Thank you. First of all, I would like to thank you for spending your valuable time with us. Regarding your questions, I'm going to answer them one by one.

thank you first of all i would like to thank you for spending your valuable time with us regarding your questions i'm going to answer them one by one


if you need to manage companies based on interpreters, then it can be really difficult.

if you need to manage companies based on interpreters then it can be really difficult


We will continue to assess the rate at which we grow the dividend in the context of our yield and payout ratio relative to peers.

we will continue to assess the rate at which we grow the dividend in the context of our yield and payout ratio relative to peers


to continue our strategic approach to pricing, service enhancements, customer retention and new business development.

to continue our strategic approach to pricing service enhancements customer retention and new business development


up to 4.6%. So we do see some sequential improvement throughout the course of the year. I think that's predominantly going to be in the second and third quarters,

up to 4 6 so we do see some sequential improvement throughout the course of the year i think that's predominantly going to be in the second and third quarters


in order to provide our customers with the ability to optimize how their guests access funds across the casino floor,


only show in our portfolio that uses the entire exhibit space, we're going to benefit of that on the comeback. And in fact, we'll expect to sell this show out.

only show in our portfolio that uses the entire exhibit space we're going to benefit of that on the comeback and in fact we'll expect to sell this show out


indicating that the drug may demonstrate substantial improvement on a clinically significant endpoint over available therapies.


We plan to grow these businesses and recently approved capital to put a new thermoforming line in our plant in Guadalajara, Mexico.

we plan to grow these businesses and recently approved capital to put a new thermoforming line in our plant in guadalajara mexico


And at the same time, we continued to push hard for capturing the synergies between our mail

and at the same time we continue to push hard for capturing the synergies between our mail


Please turn to Slide 18. With respect to profit before income taxes for the fiscal first half,

please turn to slide 18 with respect to profit before income taxes for the fiscal first half


This is the second quarter in a row in which we have operated with our loan to deposit ratio at the upper end of our guidance and we expect this trend to continue.

this is the second quarter in a row in which we have operated with our loan-to-deposit ratio at the upper end of our guidance and we expect this trend to continue


for total core revenue growth of 18 basis points on assets when you include Harbor and Sunshine. And Steve can give you some more color

for total core revenue growth of 18 basis points on assets when you include harbor and sunshine and steve can give you some more color


We continue to be very confident in Grizzly's strong underlying trends, its authentic product proposition, its highly loyal consumer base

we continue to be very confident in grizzly's strong underlying trends its authentic product proposition its highly loyal consumer base


exceptional service and process knowledge to support our clients when, where and how they want to work in a digital world.

exceptional service and process knowledge to support our clients when where and how they want to work in the digital world


mainly due to contributions from the Newark Airport Terminal 1 project and the favorable closeout adjustment on a courthouse project in California.

mainly due to contributions from the newark airport terminal 1 project and a favorable closeout adjustment on a courthouse project in california


Our effective tax rate was 24% for the quarter and we currently expect our effective rate to continue to be in the low 20% range.

our effective tax rate was 24% for the quarter and we currently expect our effective rate to continue to be in the low 20% range


whether we choose to call that a release or not, I don't think of it as a release. I think that we've built energy reserves, just not specific reserves, because the

whether we choose to call that a release or not i don't think of it as a release i think that we've built energy reserves just not specific reserves because the


was a specific reserve for the problem credit we've been talking about now for almost 18 months that got resolved. It was supposed to get resolved

was a specific reserve for the problem credit we've been talking about now for almost 18 months that got resolved that was supposed to get resolved


As a reminder, PHYOX has enrolled 25 normal healthy volunteers in the Group A portion of the study, which is complete,

as a reminder fiox has enrolled 25 normal healthy volunteers in the group a portion of the study which is complete


Our capital investment plan includes realignment of our production network to strengthen our foundation for the future.

our capital investment plan includes realignment of our production network to strengthen our foundation for the future


and we would expect that as we get more and more phone numbers and we get the usage pull-through,

and we would expect that as we get more and more phone numbers and we get the usage pull through and


We have not considered positively the conversion to condos. At

we have not considered positively the conversion to condos


But on the load side and this continuation effect you ask, I do think there is an element of our size of city,

but on the load side and this continuation effect you asked i do think there's an element of our size of city


We expect to repatriate a limited amount of cash from our non-U.S. entities due to the capital and liquidity requirements of those entities.

we expect to repatriate a limited amount of cash from our non-u s entities due to the capital and liquidity requirements of those entities


the subbase on site, and really working hard to make sure that they are using their infrastructure efficiently and getting a better bang for the dollar.

the sub base on site and really working hard to make sure that they are using their infrastructure efficiently and getting a better bang for the dollar


Of course, we keep looking for better ways to complete this big resource that we've got and keep looking at new technologies that are always being developed.

of course we keep looking for better ways to complete this big resource that we've got and keep looking at new technologies that are always being developed


benefit from cost savings, you said that is before any reinvestment in the business. So wondering if you could give us an idea of what's your sort of

benefit from cost savings you said that is before any reinvestment in the business i wonder if you can give us an idea of what your sort of


Let me begin by reminding everyone that our discussion this morning may include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities

let me begin by reminding everyone that our discussion this morning may include forward-looking statements which are subject to the safe harbor provisions of the private securities


in a lot of those markets tends to be lumpier, and I'm trying to get a sense whether we should view

in a lot of those markets tends to be lumpier and trying to get a sense whether we should view


closely, is in line or, without being too optimistic, slightly ahead of what we expected there as well. So we believe that

closely is in line or without being too optimistic slightly ahead of what we expected there as well so we believe that


to continue to drive that down. In fact, we are slightly disappointed that we haven't driven it down more in 2016, may I say.

to continue to drive that down in fact we are slightly disappointed that we haven't driven it down more in 2016 may i say


ownership mentality once more that we're trying to drive next to this speed and proximity to the marketplace.


In a nutshell, we've been very pleased with how things are going this year. We're seeing good growth in our customer and usage metrics.

in a nutshell we've been very pleased with how things are going this year we're seeing good growth in our customer and usage metrics


will bring that new leadership and strength to make this business continue to grow and to improve and to return shareholder value.

we'll bring that new leadership and strength to make this business continue to grow and to improve and to return shareholder value


Now before we open up the call for questions, I'd just like to say it's been a privilege to be part of this team and I'm incredibly proud of what we've accomplished.

now before we open up the call for questions i'd just like to say it's been a privilege to be part of this team and i'm incredibly proud of what we've accomplished


So I mentioned earlier that we continue to expand very quickly into the international using

so i mentioned earlier that we continue to expand very quickly into the international using


We're looking at -- we continue to look to buy quality plants. We have nothing imminent and have seen nothing on the market

we're looking at -- we continue to look to buy quality plants we have nothing imminent and have seen nothing on the market


And three, is the system of intelligence. Bret touched on it with Einstein, with AI, but even look at our advanced analytics capabilities that we now

and three is the system of intelligence brett touched on it with einstein with ai but even look at our advanced analytics capabilities that we now


we have to take account of the current macro oil environment and that, as Kenneth said, we're putting a much

we have to take account of the current macro oil environment and that's as kenneth said we're putting a much


As you can imagine that there has been a lot of work over the last years of moving the port infrastructures around

and you can imagine that there has been a lot of work over the last years of moving the port infrastructures around


These changes are already having an impact. Smirnoff is in a competitive segment, and we adjusted price to improve competitiveness.

these changes are already having an impact smarnoff is in a competitive segment and we adjusted price to improve competitiveness


So this is something that I feel confident we will get on the other side of as that vertical market becomes more stable.

so this is something that i feel confident we will get on the other side of as that vertical market becomes more stable


to that set of clients. And that's a group of clients that have been largely ignored by our larger competitors.

to that set of clients and that's a group of clients that have been largely ignored by our larger competitors


and was flat for the third quarter. Let's move to a more detailed review of the third quarter segment earnings drivers starting with the Pennsylvania results

and was flat for the third quarter let's move to a more detailed review of the third quarter segment earnings drivers starting with the pennsylvania results


we have produced annual total value creation, defined as the increase in book value plus dividends paid,

we have produced annual total value creation defined as the increase in book value plus dividends paid


And America continues to be weak when it comes to orders. If you look at the net sales growth,

and america continues to be weak when it comes to orders if you look at the net sales growth


This also means that all previously recognized currency translation differences,

this also means that all previously recognized currency translation differences


But again, a good place to look, I think people -- if you go back and look -- and we put 10 years' worth of information in our investor presentation

but again a good place to look i think people if you go back and look and we put 10 years' worth of information in our investor presentation


and we can see it. It's just been a matter of delivering. And we're confident that there's more there. We're nowhere near our full potential

and we can see it it's just been a matter of delivering and we're confident that there's more there we're nowhere near our full potential


start to contemplate a bigger expansion at Trentwood? And hypothetically, if someone approached you to provide substrate into

start to contemplate a bigger expansion at trentwood and hypothetically if someone approached you to provide substrate into


The improvements reflect a favorable shift in product mix as the current year automotive shipments include new programs for chassis and structural applications

the improvements reflect a favorable shift in product mix as the current year automotive shipments include new programs for chassis and structural applications


We will not be making an adjustment for mainly loss volume. We don't think that'd be appropriate, but we'll certainly be able to quantify the effects of

we will not be making an adjustment for any lost volume we don't think that would be appropriate but we'll certainly be able to quantify the effects of


so I would think the mix, I'll give you a better answer next time when I look at that in detail but from what I've seen at this point, the mix is more

so i would think the mix -- i'll give you a better answer next time when i look at that in detail but from what i've seen at this point the mix is more


It is important to note that, quite apart from the number of retail stores in the Russian market, we continue to see improving trends in the overall amount of SIM card sales

it is important to note that quite apart from the number of retail stores in the russian market we continue to see improving trends in the overall amount of sim card sales


We have 2 production units in hometown, and we have converted the first unit to the same technology we already use in our Korea plant.

we have 2 production units in hometown and we have converted the first unit to the same technology we already use in our korea plant


we're all focused on driving our culture to deliver outstanding results for our customers, employees and shareholders.

we're all focused on driving our culture to deliver outstanding results for our customers employees and shareholders


slightly down from where we were in the first half of last year but roughly in the range of where we've been as we look at the last 6 quarters or so.


Our quarterly earnings press release was issued last night. You can find the release, including reconciliations of reported results

our quarterly earnings press release was issued last night you can find the release including reconciliations of reported results


and there was inventory builds and the product was just rolling out. And in fact, as you know with military applications, they may not be as

and there was inventory builds and the product was just rolling out and in fact as you know with military applications they may not be as


it doesn't matter if you think -- if you make dollars and you get it that way. But when you're thinking Colombian pesos, it will be hard to

it doesn't matter if you think -- if you make dollars and you get it that way but when you're thinking colombian pesos it will be hard to


and Viridor. And it's natural for a new Chairman to examine the strengths of the business and consider the future.

and verador and it's natural for a new chairman to examine the strengths of the business and consider the future


Well, can I say thank you all for being with us this morning. I heard the word awesome being used, and I think the talent in this room

well can i say thank you all for being with us this morning i heard the word awesome being used and i think the talent in this room


The HeliOffshore community will be gathering later this month for a second annual conference to continue this important mission.

the heli offshore community will be gathering later this month for its second annual conference to continue this important mission


but we can also be leaders in making it better. So if the NAACP wants to talk to us and wants to help us get better, we're excited about that. So

but we can also be leaders in making it better so if the naacp wants to talk to us and wants to help us get better we're excited about that so


At a high level, results in the quarter benefited from strong margins and good growth across a number of our businesses.

at a high level results in the quarter benefited from strong margins and good growth across a number of our businesses


Because we have the scale to invest in vertically focused sales channels, we develop deep industry knowledge and customer intimacy

because we have the scale to invest in vertically focused sales channels we develop deep industry knowledge and customer intimacy


not only do we think that, that will carry over, we would expect that to even improve over the course of the year as we continue to focus on operating costs across the system.

not only do we think that that will carry over we would expect that to even improve over the course of the year as we continue to focus on operating costs across the system


when I looked back over time, I think you're starting to see that other products with this customer are starting to drive a fair amount of demand for us.

when i look back over time i think you're starting to see that other products with this customer are starting to drive a fair amount of demand for us


While this particular slide is a bit of a repeat of information we shared on our REIT call last month, I think the information does bear repeating.

while this particular slide is a bit of a repeat of information we shared on our recall last month i think the information does bear repeating


and engagement and so this is one of the things I am really excited about as we move into '19, and I think it could be a big opportunity for us.

and engagement and so this is one of the things i'm really excited about as we move into '19 and i think it could be a big opportunity for us


and ensuring that in an interactive way our clients can deliver that seamlessly to more of their clients because it does take a bit more work


and we've been taking steps to address it. We have a broad set of capabilities and product offerings with good performance and global distribution.

and we've been taking steps to address it we have a broad set of capabilities and product offerings with good performance and global distribution


want to start with Redeem, especially given the impact that had in this quarter. Just how do you think about that

want to start with redeem especially given the impact that had in this quarter just how do you think about that


have had the enviable position of having your stock go up for the most of the year and share buybacks come in a little bit below expectations.


to the extent you could kind of force rank where you're saying the greatest pressure from and maybe kind of characterizing it in 3 buckets? One,

to the extent you could kind of force rank where you're seeing the greatest pressure from and maybe kind of characterizing it in 3 buckets one


and a handful of markets and a couple of those being weaker obviously than others. Have you guys given any thought to, and you don't need to tell us specific markets, but

in a handful of markets and a couple of those being weaker obviously than others have you guys given any thought to -- and you don't need to tell us specific markets but


I don't see us losing that same amount this year. I think that we'll essentially cut that loss in half this year.

i don't see us losing that same amount this year i think we'll essentially cut that loss in half this year


If indeed the international spend next year is up 10%, we would still guide our revenue

if indeed the international spend next year is up 10% we would still guide our revenue


we have been able to continuously maximize shareholder value. I will now turn it over to Paul to walk through the numbers in detail.

we have been able to continuously maximize shareholder value i will now turn it over to paul to walk through the numbers in detail


Our conservative portfolio construction, including the proportional increase in credit hedges that I previous mentioned, both contributed to our October performance.

our conservative portfolio construction including the proportional increase in credit hedges that i previously mentioned both contributed to our october performance


This will assist us going forward as we expand our relationship with each customer, helping to supply them with additional services.

this will assist us going forward as we expand our relationship with each customer helping to supply them with additional services


We will continue to expand our investment in beauty and improve our vendor base similar to our strategy with home.

we will continue to expand our investment in beauty and improve our vendor base similar to our strategy with home


The team recognized this opportunity and moved quickly. We went from conception to completion and moving traffic in less than 90 days.

the team recognized this opportunity and moved quickly we went from conception to completion and moving traffic in less than 90 days


we are actively working with our customers to sort of change this model that I talked about.

we are actively working with our customers to sort of change this model that i talked about


Examples of forward-looking statements include statements we make regarding guidance relating to our financial results.

examples of forward-looking statements include statements we make regarding guidance relating to our financial results


We expect RVI transactions to begin closing in the second quarter with larger volumes in the second half of the year.

we expect rvi transactions to begin closing in the second quarter with larger volumes in the second half of the year


and that is not going to change with the pre-claims demonstration. So we'll continue to have that amount coming in upfront.

and that is not going to change with the preclaims demonstration so we'll continue to have that amount coming in upfront


We're in the process of evaluating several opportunities that support this strategy and look forward to sharing announcements on our progress at the appropriate times.

we're in the process of evaluating several opportunities that support this strategy and look forward to sharing announcements on our progress at the appropriate times


And so I think we're going to need a lot more time before we can make a structural judgment. What I know is we have lower green in the future. We have the price points that are working.

and so i think we're going to need a lot more time before we can make a structural judgment what i know is we have lower green in the future we have the price points that are working


One of those is an operation that will be going in for refrigerated trailers in Mexico.

one of those is an operation that will be going in for refrigerated trailers in mexico


For the past 5 years, we've been reshaping the business and really focusing on a clear 3-point strategy.

for the past 5 years we've been reshaping the business and really focusing on a clear 3-point strategy


which are leading to many new customer and business opportunities. The level of interest for our Sketch-to-Scale solutions remains very high

which are leading to many new customer and business opportunities the level of interest for our schema scale solutions remains very high


at what point in time does management start back up the stock buyback with these type of cash flows looking


where there's legislation being passed without consultation, and by your own admission, too early to assess the impact of some of that legislation,

where there's legislation being passed without consultation and by your own admission too early to assess the impact of some of that legislation


yes. We're here to service our clients. We here to meet their needs as and when they're ready, and we certainly expect that these relationships will grow over time.

yes we're here to service our clients we're here to meet their needs as and when they're ready and we certainly expect that these relationships will grow over time


I think you're just seeing the fruits of that. So our expectation is we're going to have a very strong fourth quarter, a little bit artificially strong

i think you're just seeing the fruits of that so our expectation is we're going to have a very strong fourth quarter a little bit artificially strong


we have the pipeline there to do it. It's getting the PPAs agree to, and we don't want to get too far out ahead of that. So

we have the pipeline there to do it it's getting the ppas agreed to and we don't want to get too far out ahead of that so


We're not quite there yet. I think that there's going to be challenges for the next couple of quarters as we continue to work on them.

we're not quite there yet i think that there's going to be challenges for the next couple of quarters as we continue to work on them


Barnes Group experienced a challenging third quarter as overall macroeconomic conditions put pressure on some of the end markets we serve.

barnes group experienced a challenging third quarter as overall macroeconomic conditions put pressure on some of the end markets we serve


and that we have reached satisfactory agreement with the insurance company that will cover damages and loss of profits.

and that we have reached a satisfactory agreement with the insurance company that will cover damages and loss of profits


At our current rate of waste mining, we expect to complete the Cut 2 pushback either in Q4 this year or Q1 next year,

at our current rate of waste mining we expect to complete the cut 2 pushback either in q4 this year or q1 next year


You might or we might need to buy a few of those assets to get your next Sensile Medical.

you might or we might need to buy a few of those assets to get your next senscell medical


So could you talk about your plans and ambitions in specialty chemicals in China both in terms of organic and inorganic growth?

so could you talk about your plans and ambitions in specialty chemicals in china both in terms of organic and inorganic growth


as well as an incremental benefit from foreign exchange. David will discuss the details of these items shortly.

as well as an incremental benefit from foreign exchange david will discuss the details of these items shortly


So those of you who do even the smallest analysis will quickly realize that our headcount has grown faster than

so those of you who do even the smallest analysis will quickly realize that our headcount has grown faster than


The first step we are integrating new product features and interactive services to increase user engagement and stickiness of the portals.

the first step we are integrating new product features and interactive services to increase user engagement and stickiness of the portals


As Joe discussed, we expected to begin regaining momentum in our VA business during the second quarter, and it's going to take longer than we anticipated.

as joe discussed we expected to begin regaining momentum in our va business during the second quarter and it is going to take longer than we anticipated


quarters, is seeing considerable pickup in the growth rate in that small direct marketing channel. We've moved it from being a more transactional relationship

quarters is seeing considerable pickup in the growth rate in that small direct marketing channel we've moved it from being a more transactional relationship


Can it also have this attribute? That's the key part why we continue to see a lot of growth in this market is because we've invested

can it also have this attribute that's the key part why we continue to see a lot of growth in this market is because we've invested


We believe the outcome of the filings was fair and importantly, there was a clear recognition of a need for increased investment to modernize the networks.

we believe the outcome of the filings was fair and importantly there was a clear recognition of the need for increased investment to modernize the networks


It also helps us support our customers in ways that our competitors find hard to match, as we have units where and when they want them, regardless of the location.

it also helps us support our customers in ways that our competitors find hard to match as we have units where and when they want them regardless of the location


I'd like to remind everyone that in the course of the call, in order to give you a better understanding of our performance, we will be making certain forward-looking statements.

i'd like to remind everyone that in the course of the call in order to give you a better understanding of our performance we will be making certain forward-looking statements


we do see some signs of more jobs in civil construction


It's expected that OMB will approve the rule and a final regulation will be published in the coming months with implementation expected around year-end.

it's expected that omb will approve the rule and the final regulation will be published in the coming months with implementation expected around year-end


no. Right now the people have not shown lot of interest on the enterprise side to move to software.

so no right now the people have not shown a lot of interest on the enterprise side to move to software


And the reason for that is that our own operating units are processing more than what we have

and the reason for that is that our own operating units are processing more than what we had


We discussed on our recent earnings calls our expense improvement actions over the past few quarters and our newly acquired properties.

we discussed on recent earnings calls our expense improvement actions over the past few quarters at our newly acquired properties


After I provide you with some additional color on our first quarter numbers, I have a couple of announcements to make, and then we'll brief you on some recent developments.

after i provide you with some additional color on our first quarter numbers i have a couple of announcements to make and then we'll brief you on some recent developments


As we discussed during our call on March 23, the acquisition will strengthen and help grow the core of our business.

as we discussed during our call on march 23 the acquisition will strengthen and help grow the core of our business


We expect to translate this growth into strong operating and earnings performance and once again achieve our target business model for the full fiscal year.

we expect to translate this growth into strong operating and earnings performance and once again achieve our target business model for the full fiscal year


Power declined due to lower activity in the Middle East and Africa and Far East, with the Far East also reporting the largest reduction in water.

power declined due to lower activity in the middle east and africa and far east with the far east also reporting the largest reduction in water


In just 2 months since its launch, some of the most visited websites have installed the Pixel across thousands of domains.

in just 2 months since its launch some of the most visited websites have installed the pixel across thousands of domains


it's -- the thing that's so attractive about it is to expand our cemetery footprint, you have to use expensive capital. I have to buy the cemetery.

it's -- the thing that's so attractive about it is to expand our cemetery footprint you have to use expensive capital i have to buy the cemetery


a little shorter. So it really depends on product mix. But that is a focus for us, is trying to continue to make sure that we manage our

a little shorter so it really depends on product mix but that is a focus for us is trying to continue to make sure that we manage our


yet we've seen rental really have a nice pickup. So I would tell you, in this case, it's probably -- it doesn't seem to be impacting it.

yet we've seen rental really have a nice pickup so i would tell you in this case it's probably -- it doesn't seem to be impacting it


likely to increase margins in the first half. Does that mean you're expecting the other segments to show margin improvement year-over-year in the first half?

likely to increase margins in the first half does that mean you're expecting the other segments to show margin improvement year-over-year in the first half


As we have previously indicated, our primary capital allocation focus for that cash and our available borrowing capacity

as we have previously indicated our primary capital allocation focus for that cash and our available borrowing capacity


Compared to our expectations, revenue, excluding storm restoration services, was at the upper end of guidance but earnings were near the low end.

compared to our expectations revenue excluding storm restoration services was at the upper end of guidance but earnings were near the low end


These ratios as well as our enhanced liquidity, have us well-positioned to be able to transact efficiently on acquisition opportunities as they materialize.

these ratios as well as our enhanced liquidity have us well positioned to be able to transact efficiently on acquisition opportunities as they materialize


but not -- the increase will not be as much as we have seen before. So I would expect single-digit increase

but not -- the increase will not be as much as we have seen before so i would expect single-digit increase


Although there is some seasonality because of Chinese New Year, it is a very encouraging trend.

although there is some seasonality because of chinese new year it is a very encouraging trend


Now let me give you guidance for the second quarter. Our Executive Search backlog remains strong when compared to other first quarters,

now let me give you guidance for the second quarter our executive search backlog remains strong when compared to other first quarters


We are also beginning to see tangible benefits from our efforts to reengineer and streamline our internal processes.

we are also beginning to see tangible benefits from our efforts to reengineer and streamline our internal processes


Mr. Itaya explained that because of many uncertainties, annual dividend will be unchanged for now.

mr itaya explained that because of many uncertainties annual dividend will be unchanged for now


As I've mentioned, I've also had a chance to meet several customers already in order to understand their needs and how Marvell can help solve their problems.

as i mentioned i've also had a chance to meet several customers already in order to understand their needs and how marvell can help solve their problems


going on within the company whatsoever. I believe that quarter one seasonally is always down,

going on within the company whatsoever i believe that quarter 1 seasonally is always down


With a broad and deep clinical program that continues to grow and continues to generate positive monotherapy and combination data,

with the broad and deep clinical program that continues to grow and continues to generate positive monotherapy and combination data


extremely high short-term finance penetration. I'm probably a little bit more cautious on that because I think the

extremely high short-term finance penetration i'm probably a little bit more cautious on that because i think the


When we bought it, they had about 8 years left on their lease, but again working closely with them, we're hopeful that we can do something in the very short term,

i think that when we bought it they had about 8 years left on their lease but again working closely with them we're hopeful that we can do something in the very short term


annual merit increases and other costs to support overall franchise growth, including the full quarter of our combination with West Capital Management.

annual merit increases and other costs to support overall franchise growth including the full quarter of our combination with west capital management


We plan to support these objectives with a strong balance sheet, strong cash flows and effective capital allocation.

we plan to support these objectives with a strong balance sheet strong cash flows and effective capital allocation


touching on all aspects, both the digital and traditional, and the epic is just a great way to bring to life

touching on all aspects both the digital and traditional and the epic is just a great way to bring to life


Looking ahead, we expect improved results given we have completed the repositioning of our Asia trade finance businesses

looking ahead we expect improved results given we have completed the repositioning of our asia trade finance businesses


These agreements provide for our base of highly predictable terminaling revenues through either throughput or storage agreements.

these agreements provide for our base of highly predictable terminaling revenues through either throughput or storage agreements


It's worth noting that our estimated tax rate does not reflect any of the pending legislative changes currently under consideration.

it's worth noting that our estimated tax rate does not reflect any of the pending legislative changes currently under consideration


more activity such as restructuring in Europe? And do you think you would like to shift more production to

activities such as restructuring in europe and do you think you would like to shift more production to


We continue to look for opportunities to provide accessories and other check-related products and services to our consumers,

we continue to look for opportunities to provide accessories and other check-related products and services to our consumers


a lot of factors that go into these well performances. One of the things that we're attempting to do more often

there's a lot of factors that go into these well performances one of the things that we're attempting to do more often


This has enabled us to exceed our original sales and earnings target and is reflected in today's revised financial outlook for the year.

this has enabled us to exceed our original sales and earnings targets and is reflected in today's revised financial outlook for the year


And I think we're seeing nice results as utilization in the Medicare line of business is starting to come down.

and i think we're seeing nice results as utilization in the medicare line of business is starting to come down


We'll make a significant profit despite the fact that we are not cutting spending in key areas of engineering, marketing or sales.

we'll make a significant profit despite the fact that we are not cutting spending in key areas of engineering marketing or sales


we encourage people to spend more on above the line, spend less on below the line.

we encourage people to spend more on above the line spend less on below the line


However, legacy systems have hampered their transformation to today's digital world, leading to poor and inconsistent customer experience.

however legacy systems have hampered their transformation to today's digital world leading to poor and inconsistent customer experience


so that we are quite well positioned there to take opportunity from -- advantage of growth opportunities.

so that we are quite well positioned there to take opportunity from the advantage of growth opportunities


so more or less stable or comparable to what we've seen in 2019. Please note that there's one working day less

so more or less stable or comparable to what we've seen in 2019 please note that there's one working day less


was due to seasonal factors as opposed to internal improvements? Or maybe help us think about what role internal improvements are playing in this? Are

was due to seasonal factors as opposed to internal improvements or maybe help us think about what role internal improvements are playing in this


Meanwhile, we continue to be very disciplined with our capital allocation through a progressive dividend policy and returning cash to shareholders.

meanwhile we continue to be very disciplined with our capital allocation through a progressive dividend policy and returning cash to shareholders


This is particularly pleasing for us as it comes in a period where we've had to change our ranges and our promotional offers

this is particularly pleasing for us as it comes in a period where we've had to change our ranges and our promotional offers


So we're still excited about being able to continue to drive those solutions and other solutions to improve upon the position in global automotive.

so we're still excited about being able to continue to drive those solutions and other solutions to improve upon the position in global automotive


Definitely, our objective is to get bigger into this business and have a bigger market share, which we are gaining as we speak, Jonathan.

definitely our objective is to get bigger into this business and have a bigger market share which we are gaining as we speak jonathan


I would like to remind you that much of the information we will be speaking to today, including the answers we give in response to your questions,

i would like to remind you that much of the information we will be speaking to you today including the answers we give in response to your questions


Expenses were relatively flat with prior year and we experienced higher than normal operating leverage, which allowed more earnings to drop to the bottom line.

expenses were relatively flat with prior year and we experienced higher than normal operating leverage which allowed more earnings to drop to the bottom line


With these moves behind us, our focus will now increasingly shift to driving operational excellence and superior customer experience.

with these moves behind us our focus will now increasingly shift to driving operational excellence and superior customer experience


we fear that it's a little bit too early to say that any real recovery has begun in spite of stabilized and better commodity price.

we fear that it's a little bit too early to say that any real recovery has begun in spite of stabilizing better commodity price


Additionally, a cutting-edge virtual anatomy lab and a best-in-class patient care center allows our faculty to better prepare medical students

additionally a cutting-edge virtual anatomy lab and a best-in-class patient care center allows our faculty to better prepare medical students


purchasing the plastic and the mailing of reissuance because we reissue every single household that we had. So it was a significant number of cards. So

purchasing the plastic and the mailing of reissuance because we reissued every single household that we had so that was a significant number of cards so


Many of the new hires were made to support traditional growth. A fair number were hired to support an unusually high level of large in-house

many of the new hires were made to support traditional growth a fair number were hired to support an unusually high level of large in-house


is reaching into a new country, that while being the second largest economy in the continent, trailed other countries by a couple of years.

is reaching into a new country that will be the second largest economy in the continent trailing other countries by a couple of years


Among our other business segments, the Real Estate and Services business shows a rather big drop in sales,

among our other business segments the real estate and services business shows a rather big drop in sales


And so for us, the choice is buyback dividend or invest in our business through new funds.

and so for us the choice is buyback dividend or invest in our business through new funds


and we have not made any such decision. As far as that article, I'm not sure who that came from and

and we have not made any such decision as far as that article i'm not sure who that came from and


Today, we are not only helping customers protect assets in the cloud, but organizations are also increasingly running our software in public cloud environments.

today we are not only helping customers protect assets in the cloud but organizations are also increasingly running our software in public cloud environments


available. It isn't always the case in other regions in the world. So it does impact them maybe a little differently, particularly depending on where you are in Europe.

available it isn't always the case in other regions in the world so it does impact them maybe a little differently particularly depending on where you are in europe


Today in Boise, temperatures are expected to push the century mark, where we have consistently been for the last couple of weeks.

today in boise temperatures are expected to push the century mark where we have consistently been for the last couple of weeks


any contracts that are exposed to line space we are buying the line space and getting paid that differential. So that essentially

any contracts that are exposed to line space we are buying the line space and getting paid that differential so that essentially


in that arena. And quite frankly, our downturn has not been quite as bad as some of our competitors that we're seeing. So

in that arena and quite frankly our downturn has not been quite as bad as some of our competitors that we're seeing so


The development collaboration includes an option agreement for multiple therapeutic candidates with potential in pain, allergy and cancer

the development collaboration includes an option agreement for multiple therapeutic candidates with potential in pain allergy and cancer


the potential for allowing more wind, more renewables above and beyond the state requirements?

the potential for allowing more wind or more renewables above and beyond the state requirements


I would also like to extend a warm welcome to all of our new associates in Germany and Belgium who recently joined the HBC family.

i would also like to extend a warm welcome to all of our new associates in germany and belgium who recently joined the hbc family


in profitable geographies while taking appropriate rate actions to improve profitability in segments and geographies that are more challenging.


we've had a great start to the year in terms of the numbers and the engagement metrics with both our consumer audience and our partner base.


We don't have a crystal ball as to those TAMs, and we're not ready yet to describe how big we think they can be in part because our estimates are

we don't have a crystal ball as to those tams and we're not ready yet to describe how big we think they can be in part because our estimates are


men and women on the front lines in the Midwest and the Northeast that were coming out of a terrible winter and a terrible April, they're trying to

men and women on the front lines in the midwest and the northeast that were coming out of a terrible winter and a terrible april they're trying to


Note the lower tax rate of 27.4 in the current year reflects the favorable impact of the recent tax legislation.

note the lower tax rate of 27 4% in the current year reflects the favorable impact of the recent tax legislation


With respect to our balance sheet capitalization, not much has changed since our last commentary. We continue to have no debt,

with respect to our balance sheet capitalization not much has changed since our last commentary we continue to have no debt


How do we drive assets with new store sales or attracting new advisers? How do we grow assets in support of our existing advisers?

how do we drive assets with new store sales or attracting new advisers how do we grow assets in support of our existing advisers


Connected 4 Growth? And that's a fair question, but I don't think so. I think if you really look at the slightly softer growth that we're seeing

connected for growth and that's a fair question but i don't think so i think if you really look at the slightly softer growth that we're seeing


a presentation where we graphically represent key trends and key numbers for the accounting period.


Already just at the halfway point of 2017, we have nearly matched all of the product gross profit dollars

already just at the halfway point of 2017 we have nearly matched all of the product gross profit dollars


smart technology development, I think it is the directions for all manufacturing industries

smart technology development i think it is the directions for all manufacturing industries


The working capital movement was caused by the comparison year-on-year. We saw a significant drop in operating working capital last year,

the working capital movement was caused by the comparison year-on-year we saw a significant drop in operating working capital last year


to take both medications at the same time in 1 pill, which we believe will help drive physician adoption and further growth in the category.

to take both medications at the same time in one pill which we believe will help drive physician adoption and further growth in the category


No -- understood. And just embedded within that, you saw significant acceleration in the second half of the year on your

no understood and just embedded within that you saw significant acceleration in the second half of the year on your


when we look at the -- what's under the hood on those deals that we're signing. They're at rates we can make a good return on.

when we look at the -- what's under the hood on those deals that we're signing they're at rates we can make a good return on


We are extremely focused on driving growth and working hard to accelerate the return on investments we are making in the sales and solutions space.

we are extremely focused on driving growth and working hard to accelerate the return on investments we are making in the sales and solutions space


China is really combating their air pollution problem and the government is providing incentives to increase

china is really combating their air pollution problem and the government is providing incentives to increase


and that's because we just didn't have the right processes in place, and we weren't executing well. We now feel like

and that's because we just didn't have the right processes in place and we weren't executing well we now feel like


to remove the effect of quarter-to-quarter fluctuations, which have the potential to be significant in arriving at adjusted earnings and adjusted earnings per share.

to remove the effect of quarter-to-quarter fluctuations which have the potential to be significant in arriving at adjusted earnings and adjusted earnings per share


I'd now like to take a few minutes to provide a recap of key 2018 events and recent notable achievements.

i'd now like to take a few minutes to provide a recap of key 2018 events and recent notable achievements


so that they kind of -- can accelerate their growth. But I think with the -- obviously there's a great leveraging effect

so that they kind of can accelerate their growth but i think with the -- obviously there's a great leveraging effect


As we discussed on our last call, we continue our focus on the implementation of the new integrated mortgage disclosure rule,

as we discussed on our last call we continue our focus on the implementation of the new integrated mortgage disclosure rule


What we've been doing is making sure that we're making the right decision. I think there's a time where we're making significant investments, and we've prioritized AM

what we've been doing is making sure that we're making the right decision i think this is a time where we're making significant investments and we've prioritized am


and are excited about our Express solutions, which have the ability to drive a true SaaS model and accelerate our timeline to profitability.

and are excited about our express solutions which have the ability to drive a true saas model and accelerate our time lines of profitability


quite a bit better than we anticipated here in the first quarter and moving out to the -- through the balance of the year.


But that being said, what's important is we've also added a lot of executives over the course of the last 12 months

but that being said on -- what's important is we've also added a lot of executives over the course of the last 12 months


As we did in our first quarter 10-Q, we'll include a comparison in the footnote to show our revenues reported under both the new and the old standard.

as we did in our first quarter 10-q we'll include a comparison in the footnote to show our revenue as reported under both the new and the old standard


I would -- sort of just for clarity on that. The contributions into our international business at the earlier part of the year were largely driven

i would -- sort of just for clarity on that the contributions into our international business in the early part of the year were largely driven


The profit split will be based on actual performance by these specific vessels, so we cannot guide you on and if and when a profit share will materialize

the profit split will be based on actual performance by these specific vessels so we cannot guide you on if and when a profit share will materialize


Then only we start receiving purchase orders. As the Materials Handling vehicle makers now have operating experience with our batteries,

then only we start receiving purchase orders as the materials handling vehicle makers now have operating experience with our batteries


we're moving forward while we are adding to the resources and particularly the


And I think importantly, we're really well positioned if and when those tariffs do come off to reaccelerate the growth out of our Southern business.

and i think importantly we're really well positioned if and when those tariffs do come off to reaccelerate the growth out of our southern business


to be able to employ those benefits to the WIL organization as we bring them closer to Charles River. So a couple of years to get

to be able to employ those benefits to the will organization as we bring them closer to charles river so a couple of years to get


We believe that our global biopharma, biotech and academic clients are searching for the right partner to support them

we believe that our global biopharma biotech and academic clients are searching for the right partner to support them


the largest local to national network of journalists in the country. This would include more local markets and new platforms,

the largest local to national network of journalists in the country this would include more local markets and new platforms


High view was also designed to benefit advertisers by providing better delivery of pre-roll ads to consumers.

high view was also designed to benefit advertisers by providing better delivery of pre-roll ads to consumers


we're a heck of a lot smaller on that front. So I think that has significant advantages to your franchisees. It allows them to reinvest back into their restaurants.

we're a heck of a lot smaller on that front so i think that has significant advantages to your franchisees it allows them to reinvest back into the restaurants


I am -- first of all, I have to say that I am a little bit disappointed about your core equity in the first quarter of the year.

i am -- first of all i have to say that i am a little bit disappointed about your core equity in the first quarter of the year


Now claims have to be truthful, and they also have to be substantiated. This is based on this documented verifiable retail sale.

now claims have to be truthful and they also have to be substantiated this is based on this documented verifiable retail sales


a little bit uncertain because of how challenging the external environment has been for everyone. However, I guess, the best way to address your question

a little bit uncertain because of how challenging the external environment has been for everyone however i guess the best way to address your question


Also, during this call, various remarks we make about future expectations, plans and prospects for the company

also during this call various remarks we make about future expectations plans and prospects for the company


and they believe that they have vet it thoroughly in technical space. So between ourselves and AREVA, we are quite confident that the fuel is going to work.

and they believe that they have vetted it thoroughly in technical space so between ourselves and areva we are quite confident that the fuel is going to work


with growth in operating profit being offset by a one-off tax payment and increase of maturing stock within working capital.


Product knowledge is something we focus on day in and day out. And I can tell you that most of our stores

product knowledge is something we focus on day in and day out and i can tell you that most of our stores


Inventory this quarter increased slightly in both value and days, and you should expect going forward that the inventory will remain

inventory this quarter increased slightly in both value and days and you should expect going forward that the inventory will remain


In addition to factors noted during this call, a more comprehensive discussion of our risk factors can be found in today's press release

in addition to factors noted during this call a more comprehensive discussion of our risk factors can be found in today's press release


More specifically, we anticipate mail growth and new generic launches will drive increased volumes as the year progresses.

more specifically we anticipate male growth and new generic launches will drive increased volumes as the year progresses


Additional information concerning risk factors relating to our business, prospects and results are available in the company's filings with the Securities and Exchange Commission,

additional information concerning risk factors relating to our business prospects and results are available in the company's filings with the securities and exchange commission


whereas, previously, these activities would be considered period cost and revenue was recognized only when the product was delivered to the customer.

whereas previously these activities would be considered period costs and revenue was recognized only when the product was delivered to the customer


Our outlook is promising, and we believe our investments have been worthwhile and will continue to provide returns into the future.

our outlook is promising and we believe our investments have been worthwhile and will continue to provide returns into the future


Our electronic manufacturing capabilities and know-how to support customers end-to-end needs has been key to the launch of our new subsidiary

our electronic manufacturing capabilities and know-how to support customers' end-to-end needs has been key to the launch of our new subsidiary


On the cell therapy side, we had the benefit of seeing the recent and early data around the challenges facing bio-space platforms.

on the cell therapy side we had the benefit of seeing the recent and early data around the challenges facing virus-based platforms


Now that leads then to the summary of the outlook. You have seen this morning already, I'm sure that you have studied that.

now that leads then to the summary of the outlook you have seen this morning already i'm sure that you have studied that


Now we will go on to Slide 13, please. Now we will see the evolution that Ripley has had

now we will go on to slide 13 please now we will see the evolution that ripley has had


from the farm states between Nebraska, South Dakota, Iowa and other states that are very important to this administration, are pushing very hard in trying to get clarity.

from the farm states between nebraska south dakota iowa and other states that are very important to this administration are pushing very hard and trying to get clarity


all in all, we feel that when it comes from -- comes back to what we said, we were ahead of the plan, both on cost

all in all we feel that when it comes from -- comes back to what we said we were ahead of the plan both on cost


By vertically stacking chips versus placing them side by side, the electrical connections between chips can be much shorter.

by vertically stacking chips versus placing them side by side the electrical connections between chips can be much shorter